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Fly-E Group, Inc. Announces Third Quarter and Nine Months Financial Results of Fiscal Year 2025
FLYEFly-E Group, Inc.(FLYE) Prnewswire·2025-02-20 22:00

Core Viewpoint - Fly-E Group, Inc. reported a significant decline in net revenues and net income for the third quarter and nine months of fiscal year 2025, primarily due to decreased sales volume and consumer sentiment affected by recent battery accidents [2][3][12]. Financial Results Summary Third Quarter Financial Results - Net revenues were 5.7million,adecreaseof23.65.7 million, a decrease of 23.6% from 7.4 million in the same period last year [3][7]. - Retail sales revenue was 4.9million,down21.94.9 million, down 21.9% from 6.3 million year-over-year [4]. - Wholesale revenue was 0.7million,comparedto0.7 million, compared to 1.1 million in the same period last year [4]. - Rental services revenue was 48,961,withnorevenuegeneratedinthesamequarterlastyear[4].−Costofrevenueswas48,961, with no revenue generated in the same quarter last year [4]. - Cost of revenues was 3.1 million, a decrease of 30.0% from 4.5millionyear−over−year[5].−Grossprofitwas4.5 million year-over-year [5]. - Gross profit was 2.6 million, down 13.9% from 3.0millioninthesameperiodlastyear,withagrossmarginof45.13.0 million in the same period last year, with a gross margin of 45.1%, up from 39.0% [6][7]. - Total operating expenses were 3.5 million, an increase of 26.0% from 2.8millionyear−over−year[8].−Netlosswas2.8 million year-over-year [8]. - Net loss was 0.7 million, or 0.03pershare,comparedtonetincomeof0.03 per share, compared to net income of 20,889, or 0.001pershare,inthesameperiodlastyear[9][10].NineMonthsEndedDecember31,2024FinancialResults−Netrevenueswere0.001 per share, in the same period last year [9][10]. Nine Months Ended December 31, 2024 Financial Results - Net revenues were 20.4 million, a decrease of 15.2% from 24.0millioninthesameperiodlastyear[12].−Retailsalesrevenuewas24.0 million in the same period last year [12]. - Retail sales revenue was 17.7 million, down 7.9% from 19.2millionyear−over−year[13].−Wholesalerevenuewas19.2 million year-over-year [13]. - Wholesale revenue was 2.6 million, a decrease of 45.5% from 4.8millioninthesameperiodlastyear[13].−Costofrevenueswas4.8 million in the same period last year [13]. - Cost of revenues was 11.8 million, a decrease of 19.0% from 14.6millionyear−over−year[16].−Grossprofitwas14.6 million year-over-year [16]. - Gross profit was 8.6 million, down 9.4% from 9.5millioninthesameperiodlastyear,withagrossmarginof42.09.5 million in the same period last year, with a gross margin of 42.0%, up from 39.3% [17]. - Total operating expenses were 10.8 million, an increase of 45.5% from 7.4millionyear−over−year[18].−Netlosswas7.4 million year-over-year [18]. - Net loss was 2.0 million, compared to net income of 1.2millioninthesameperiodlastyear[19].−Basicanddilutedlossespersharewere1.2 million in the same period last year [19]. - Basic and diluted losses per share were 0.08, compared to earnings per share of 0.05forthesameperiodlastyear[21].BusinessUpdate−Fly−E′sFly−11PROwasselectedastheofficialmodelfortheNewYorkCityDepartmentofTransportation′s0.05 for the same period last year [21]. Business Update - Fly-E's Fly-11 PRO was selected as the official model for the New York City Department of Transportation's 2 million Trade-In Program, aimed at promoting safer e-mobility solutions [2][25]. - The company is focusing on innovation and diversification to drive long-term growth, including expanding its product portfolio and enhancing digital marketing efforts [2]. Financial Condition - As of December 31, 2024, the company had cash of 1.4million,withnetcashusedinoperatingactivitiesamountingto1.4 million, with net cash used in operating activities amounting to 9.4 million for the nine months ended December 31, 2024 [23]. - Net cash provided by financing activities was 12.2millionfortheninemonthsendedDecember31,2024,comparedto12.2 million for the nine months ended December 31, 2024, compared to 30,550 for the same period last year [24]. EBITDA Analysis - EBITDA was negative 0.8millionforthethirdquarteroffiscalyear2025,comparedtopositiveEBITDAof0.8 million for the third quarter of fiscal year 2025, compared to positive EBITDA of 0.2 million in the same period last year [11][39]. - For the nine months ended December 31, 2024, EBITDA was negative 1.9million,comparedtopositiveEBITDAof1.9 million, compared to positive EBITDA of 2.2 million for the same period last year [22][39].